$IVFH has continued growing rapidly, has expanded margins, and on a ttm basis has earned around 16 cents. They'll be a full tax payer in about 2 years, so that will be a hit to earnings, but I still think they're worth $1.60-1.75 at present.

I can understand that concern, thus the question is, what would the company be expected to earn in the average year? They were 1/6th the size during the last recession, which was fairly severe, but managed to stay breakeven, and revenue was flat from 06-08, so the biz was fairly resilient. At an enterprise value of about $13 million, against $4 mil in current EBITA, my response is, who cares? The stock is extremely cheap, and the business as judged by ROIC is excellent.

I think it's quite a different situation than some component maker to AAPL who has massive power over suppliers. I don't think there are any great alternatives for USFD, and the switching costs would be very high as many of the end customers have relationships with IVFH. USFD is highly unlikely to try to supply these small market, niche ingredients which IVFH provide. As a specific product gets larger, USFD ultimately takes it in house and IVFH abandons the category. And its a great biz for USFD, as the business is like a royalty, and very asset lite. $AAPL $USFD $IVFH

Open to any thoughts/feedback, and let me know if you are a significant shareholder